What’s a Short Sale? I get this question all of the time and with several recent listings of short sales, I figured I’d share a blog post with you all about what it actually means.
A short sale should really be called a “long sale” since there’s not much short about them. The only shortage is the difference between what the seller currently owes and the property value today. The seller has come across some kind of financial hardship such as a divorce, loss of job or maybe a job transfer and they need to sell. Because the real estate market declined over the past several years, homes are not worth what they once were so sellers are having a hard time breaking even. A short sale allows a seller to still sell and be forgiven the difference of what is owed if the short sale lender will agree.
Short sales can take an average of 3-6 months to get a yes or a no on an offer. Most good short sale agents will require you to do all inspections prior to the short sale lender approving your offer. This is because we don’t want you tying the property up for 3-6 months only to find out that something in the inspection is a deal breaker and you walk away after months of hard work getting an approval. Sellers are usually not in a position to do repairs needed after an inspection, so they’re considered “as is” sales in most cases.
They can be worth the wait by saving you thousands in price. Just make sure you work with someone that has expertise in short sales.
If you, or someone you know is looking to purchase or do a short sale, don’t hesitate to contact me. I have been doing them for years and work with a great team of experts to assist you and make it go as smoothly as possible.
Kathleen Cooper REALTOR® 